Live Oak Bank Review 2026: Exceptional High-Yield Savings and Business Banking

Certificate of Deposit (CD) Options

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Live Oak Bank offers competitive CDs with terms ranging from 3 months to 5 years:

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12-Month CD (3.90% APY)⁶

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• $2,500 minimum opening deposit

• No monthly maintenance fees

• Monthly interest disbursements

• Early withdrawal penalties apply

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Other CD Terms:

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• 3-Month CD: 3.00% APY⁶

• 6-Month CD: 3.70% APY⁶

• 9-Month CD: 3.80% APY⁶

• 18-Month to 5-Year CDs: 3.70% APY⁶ to 2.00% APY⁶

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All CDs can be opened online with deposits between $2,500 and $250,000. Interest is paid monthly rather than at maturity, providing regular income if desired. Early withdrawal penalties are 90 days of simple interest for terms less than 24 months and 180 days of simple interest for longer terms.

Business Banking Solutions

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Live Oak Bank truly excels in its business banking offerings, positioning itself as "America's small business bank":

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Business Savings Account (2.85% APY⁴)

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• Competitive 2.85% APY⁴

• No minimum balance requirements to open

• Deposit minimum of $0.01 to accrue interest

• No monthly maintenance fees

• QuickBooks integration

• FDIC insurance up to $250,000 (standard)²

• Available Insured Cash Sweep³ program with up to $10 million in FDIC coverage

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InfraFi Business Savings Account (2.70% APY)

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• 2.70% APY

• Access to extended FDIC coverage through InfraFi network³

• No minimum balance requirements to open

• No monthly maintenance fees

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Business Checking Options

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Live Oak offers three tiers of business checking accounts:

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Business Essential Checking

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• $10 monthly fee (waived⁷ with $1,000 average daily balance)

• Easily connect with QuickBooks

• Unlimited number of transactions and free withdrawals at 55,000+ Allpoint® ATMs⁷ 

• Customizable permissions and robust online banking capabilities

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Business Plus Checking

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• $25 monthly fee (waived⁷ with $25,000 average daily balance)

• ACH collections and payments

• Online wire transfers

• Enhanced employee permissions and account controls

• All features of Business Essential

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Business Plus Analysis Checking

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• $100 monthly fee (can be offset by earnings credit⁷)

• Account analysis and aggregation features

• Ideal for businesses managing significant cash flows

• Broader capabilities suited for complex or multi-entity operations

• All features of Business Plus

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Business CDs

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• 12-Month Business CD: 3.90% APY⁶

• $2,500 minimum deposit

• Terms ranging from 3 months to 5 years

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Small Business Lending

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Live Oak Bank is consistently one of the top SBA lenders in the nation:

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• SBA 7(a) loans

• Commercial loans

• Industry-specific lending expertise

• Teams of experts across dozens of business sectors

Digital Banking Experience

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As an online-only bank, Live Oak Bank's digital experience is central to its operations:

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• User-friendly website with clear information

• Mobile app for account management (though reviews are mixed)

• Online account opening process

• Customer support available weekdays 8 am to 11 pm ET

Pros of Live Oak Bank

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• Exceptional Interest Rates: Competitive rates for both personal and business accounts
• No Hidden Fees on Savings: No monthly maintenance fees on personal or business savings or CD accounts
• No Minimum Balance to Open an Account: Earn top rates by depositing just $0.01
• Business Banking Expertise: Specialized knowledge across multiple industries
• SBA Lending Leader: Premier SBA 7(a) lender
• Extended FDIC Coverage³: Up to $10 million through Insured Cash Sweep for business accounts

Cons of Live Oak Bank

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• No Physical Branches: All banking is conducted online
• No Personal Checking: Only business checking accounts are available
• Limited Weekend Support: Customer service only available on weekdays
• Mobile App Limitations: Some users report issues with mobile check deposits
• CD Minimum: $2,500 minimum deposit required for CDs
• New Account Hold Times: Longer holds on deposits for new accounts (first 30 days)

Who Should Bank with Live Oak?

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Live Oak Bank is ideal for:

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• Savers Seeking High Yields: Anyone looking to maximize interest on savings
• Small Business Owners: Entrepreneurs wanting specialized banking services and high-yield options
• CD Investors: Those looking for competitive rates on certificates of deposit
• Digital Banking Fans: Customers comfortable with online-only banking
• Businesses with Large Cash Reserves: Companies that can benefit from extended FDIC coverage³
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‍However, if you need in-person banking services, want a personal checking account, or require weekend customer support, you may want to explore additional options.

The Verdict

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Live Oak Bank delivers exceptional value through its high-yield savings products and comprehensive business banking services. While it lacks some traditional banking features like personal checking accounts and physical branches, its industry-leading savings account interest rates without hidden fees make it a standout option for both individual savers and small businesses.

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For those primarily focused on growing their savings with no hidden fees and maximum returns, Live Oak Bank deserves serious consideration. Its combination of high rates, no monthly maintenance fees, and robust business offerings creates a compelling banking solution in today's digital financial landscape.

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Member FDIC

^{‍1. National savings average rate courtesy of the FDIC’s Weekly National Rates and Rate Caps, as of 3/16/2026; average rate used is for deposits under $2,500.}

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^{2. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.}

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^{3. Live Oak requires a minimum balance of $350,000 to enroll in our Insured Cash Sweep program. Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). Additionally, all deposits at a destination bank in the same ownership category will be aggregated for the SMDIA. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. IntraFi Cash Service and the IntraFi hexagon are service marks, and IntraFi, ICS, and CDARS are registered service marks of IntraFi Network LLC.}

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^{4.Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 4/6/2026. No minimum opening balance or deposit required. Rates may change at any time without prior notice. Customers must have a balance of $0.01 to earn interest. Fees may reduce earnings.}

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^{5. Offer valid April 20–May 31, 2026. New and existing customers must open a new Live Oak Bank Personal Savings account, deposit a minimum of $20,000 in new-to-bank funds from an external financial institution, and maintain a balance of $20,000 or more for 60 consecutive days to qualify. Additional requirements apply for existing customers. One bonus per Tax Identification Number (TIN) per promotional period. Bonus will be deposited within 45 days following the close of the 60-day qualifying period. Account must remain open and unrestricted at time of payout. Bonus amount may be subject to taxation. Live Oak Bank reserves the right to modify or discontinue this offer at any time. Click here for full terms and conditions: https://www.liveoak.bank/personalsavings/#page-disclosures} 

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^{6. Live Oak Bank Certificate of Deposit Annual Percentage Yield (APY) is valid as of 4/6/2026 and subject to change. The minimum deposit required to open is $2,500 and the maximum is $250,000 per account. Penalties may apply to early withdrawals. Fees may reduce earnings.}

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^{7. Click here for full terms and conditions: https://www.liveoak.bank/business-checking/#page-disclosures}